The Section 179 Tax Deduction allows a business to deduct all or part of the purchase price of certain qualifying equipment that is leased or financed.
How It Works:
With a $1,220,000 deduction limit, you'll be able to deduct the full cost of equipment and get thousands back! Use the Section 179 Tax Savings Calculator to find out how much money could be put back into your pocket.
To take advantage of Section 179 on your 2024 tax return, the equipment must be purchased and put into service by midnight 12/31/2024. Use Form 4562 to claim your deduction.
SECTION 179 TAX SAVINGS CALCULATOR
$26,250
UNDERSTAND YOUR ESTIMATE
Income Tax Deduction Calculation
Section 179 Deduction
Bonus Depreciation
1st Yr. Depreciation
Total 1st Yr. Tax Deduction
+
$
75,000
0
Tax Bracket
Potential Tax Savings
x
35%
26,250
Cost Savings Calculation
Equipment Cost
Potential Income Tax Savings
Equipment Cost After Tax Savings
-
48,750
Disclaimer
Section 179
This example presents a potential tax scenario based on typical assumptions that may not apply to your business. The indicated tax treatment applies only to transactions deemed to reflect a purchase of equipment of a capitalized lease purchase transaction. Please consult your tax advisor to determine the tax ramifications of acquiring equipment or software for your business. Beacon Funding is not a tax advisor and cannot provide tax advice specific to your business.
Disclaimer* This example presents a potential tax scenario based on typical assumptions that may not apply to your business. The indicated tax treatment applies only to transactions deemed to reflect a purchase of equipment of a capitalized lease purchase transaction. Please consult your tax advisor to determine the tax ramifications of acquiring equipment or software for your business.
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